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DONG Energy
From Wikipedia, the free encyclopedia
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Please help improve this article or section by expanding it. Further information might be found on the talk page or at requests for expansion. This article has been tagged since January 2007. |
| DONG Energy | |
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| Type | Public |
|---|---|
| Founded | 2006 |
| Headquarters | Copenhagen, Denmark |
| Key people | Anders Eldrup (CEO) |
| Industry | Energy |
| Products | Power production Oil and gas exploration and production Electricity and gas distribution Renewable energy Others |
| Revenue |  DKK 18,439 million (2005, preliminary combined) |
| Employees | 4,700 (2006) |
| Website | http://www.dongenergy.com |
DONG Energy is Denmark's leading energy company.
Contents |
The Danish state company Dansk Naturgas A/S was founded in 1972 to manage resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S (DONG). At the beginning of 2000s, DONG started to expand into electricity market by acquisition of stakes in electricity companies. In 2005, DONG acquired and merged Danish electricity power producers Elsam and Energi E2 and public utility (electricity distribution) companies NESA, Københavns Energi and Frederiksberg Forsyning. The result of the merger was the creation of DONG Energy. The merger was approved by the EU commission on 14 March 2006.
The majority (73%) of DONG Energy is owned by the Danish Government. The rest of the shares is owned by former Elsam (16%) and Energi E2 (11%) shareholders. According to a political agreement, the Danish Government shall maintain a majority in the company until 2015. Reduction of the ownership below 50% requires political agreement of Danish parties. An IPO and listing at the Copenhagen Stock Exchange is expected in the second quarter of 2007 at the earliest.
DONG Energy's core areas of oil and gas exploration and production lay in southern part of the Norwegian North Sea and the Danish part of the North Sea, west of the Shetlands and in the Faroes and in the mid Norway (gas production). The reserve base is expected to be 359 million boe. In 2005, DONG Energy acquired 10.34% in the Ormen Lange gas field (operated by Hydro). The share of gas reserves allocated to DONG Energy are approximately 40 billion cubic meter (bcm).
DONG Energy owns gas pipelines from the Danish part of the North Sea to Nybro and the Swedish gas transmission network (Nova Naturgas). DONG Energy co-owns the NOGAT and Tyra West - F3 pipelines, which create a link from the North Sea Danish section to the Netherlands natural gas hub in Den Helder, the DEUDAN pipeline from Jutland to north of Hamburg in Germany, and the Langeled pipeline from Nyhamna terminal in Norway to Easington in the UK. DONG Energy owns a share of the Norwegian gas pipeline system.
DONG Energy is the biggest power producer in Denmark with market shares of 49% on electricity production and 35% on heat production.
DONG Energy considers Denmark, Sweden, The Netherlands and Germany as core markets of corporation.
DONG Energy is co-headsponsor for the Danish national football team.